In an economic context marked by growing difficulties in accessing housing in the capital, the Madrid City Council, through the Municipal Housing and Land Company (EMVS), has launched a new housing allocation process. This is the Iberia Loreto 1 development, a residential project located in the Barajas districtthat aims to ease pressure on the housing market by offering affordable rentals.
This new public offering is aimed at Madrid residents up to 50 years of age, who will have the opportunity to access properties with monthly rent ranging from The rent for two- and three-bedroom apartments, with a parking space, will range from 700 to 1,000 euros per month, depending on whether the unit has two or three bedrooms or includes a garage. In any case, tenants of these homes will never pay more than 30% of their household income in rent .
Schedule and allocation procedure
The official timeline established by the municipal agency stipulates a strict registration period. Interested residents who meet the call’s sociodemographic and economic requirements (income above 3.5 times the IPREM and with an income limit of 5.5 times the IPREM) have until June 11 to complete and submit their applications through the official channels of EMVS Madrid.
Once the application period has closed and after the relevant review of the submitted documentation, the housing allocation process will be resolved through a public lottery, which is usually streamed live on YouTube. This lottery is scheduled to take place at the end of June, at which time the final list of successful applicants will be announced.